Marlow Foods, a supplier of Quorn and Cauldron has passed over £200m in sales in 2017, with markets in the US, Nordics, Germany and Australia which has helped to boost figures. Turnover for 2017 revealed that the company grew by 16.2 per cent in sales, reaching £204.6m, compared to £176.1m in 2016.
The company was bought by Monde Nissin, and the numbers show third year of sales growth consecutively. UK markets remained strong and continued to grow. James Harvey, chief financial officer, said: “Sales in overseas markets were also strong, especially in the US, Nordics, Australia and Germany. Although the group experienced cost inflation, margins have been protected by efficiencies in the supply chain, where we continue to invest.”
UK sales increased by 10.3 per cent to £152.3m, followed by Europe with sales at £31.8m and other markets around the world with a figure of £20.3m. Staff numbers increased also, with more jobs in the production sector.
Harvey added: “However, we continue to review the situation and we do not plan to limit out planned investment to grow our international business. The board will continue to monitor and evaluate the situation as the future trading relationship with Europe becomes clearer.”
With Brexit looming and negotiations still happening, it is unclear what the future holds for trading with Europe.
However, Quorn announced that they are investing £7m in a new research and development centre, following a successful year and increased demand for meat-free products, with a focus to vegan items.